Elon Musk’s revamped social media platform, X (previously known as Twitter), has successfully procured currency transmitter licenses in seven pivotal U.S. states, including Maryland, New Hampshire, and the recent addition, Rhode Island.

A Broader Vision for X

While the Rhode Island license clearly facilitates the processing of crypto payments, its implications extend beyond just cryptocurrency. The authorization is akin to permissions given to major payment providers, such as PayPal and Venmo. This suggests that Musk’s vision for X is not solely confined to being a social media platform. The tech mogul’s ambition for X seemingly envisions it as an “everything app,” poised to offer extensive services, including payment processing capabilities mirroring those of PayPal, a platform Musk co-founded.

Hints of Cryptocurrency Integration

Musk, known for his affinity for cryptocurrencies, has often teased the possible integration of digital coins on X. This was evidenced when he momentarily replaced Twitter’s signature bird logo with Dogecoin’s emblem prior to the platform’s transition to X. The licenses, procured from states such as Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire, further solidify speculations of Musk’s nationwide payment processing aspirations, inclusive of cryptocurrency transactions.

SEC’s Stance on Bitcoin ETFs

Parallel to these developments, the U.S. Securities and Exchange Commission (SEC) has decided to postpone its decision on the spot bitcoin exchange-traded fund (ETF) applications till October. Among the applicants awaiting the regulator’s verdict are heavyweights like BlackRock, Fidelity’s Wise Origin, and Invesco Galaxy. Advocates for the ETF argue its potential to amplify retail investments in Bitcoin, bypassing the need for individual wallets or direct Bitcoin purchases.

The SEC, however, remains cautious, extending the application review period for greater public feedback. Such postponements are not unprecedented, with the regulator traditionally taking its time, often the full 240 days allocated for review, before finalizing decisions.